Both the share and size of the elderly population is increasing over time, revealed a study conducted by the Ministry of Statistics and Programme Implementation (MOSPI).
According to the study, the number of elderly in India was 5.6% in 1961. It is projected to rise to 12.4% of the population by the year 2026.
Your parents can become vulnerable to financial loss or financial inadequacy during medical uncertainties.
Here are some of the reasons:
- Rising Life Expectancy
Our life expectancy has been rising due to advancements in medical science and technology. The rise in the elderly population is a direct consequence of that. It is heartening to expect our parents to be with us longer. But old age comes with a higher risk of diseases and ailments. It would help if you were prepared to mitigate this risk.
- Medical Inflation
Do you know how much it costs to be hospitalised in a good facility these days? Or how much does a specialist doctor’s consultation cost? Or the cost of medicines?
This rise in medical expenses is called medical inflation. It is much more than what it used to be until only a few years back. It is a reality of the times that we live in. Another risk that you have to mitigate as you plan your life goals.
- Employer’s Health Insurance Cover May Not Be Adequate
You know very well that your employer’s insurance cover lasts only as long as your employment. What if you come across a great career opportunity where health insurance is a bit lacking? What will you do then? Will you make career decisions based on your health insurance policy or growth prospects?
Also, your employer’s health insurance cover may have some unfavourable terms and conditions. For example, it may have a cap on the daily room rent or class. What if you come to know about it during a medical emergency? How traumatic can that be? Would you want to subject yourself and your family to that kind of trauma?
Isn’t it better to have health insurance cover for your family purchased according to your preferences?
What should be done in such a situation then?
Family Floater vs Senior Citizen Health Insurance
Family floater plans are great value for money. The premium on a family floater plan is lesser than the cumulative cost of individual plans. But they offer a one size fits all solution.
The health insurance needs of senior citizens tend to be unique. Your parents may have some specific conditions which may not be covered in the family floater.
A senior citizen plan, on the other hand, can be tailor-made to match their needs.
Advantages of a Senior Citizen Health Insurance Plan
- Critical illness Cover
Critical illnesses are illnesses like cancer, certain cardiac conditions or kidney impairments.
Some senior citizen health insurance plans include critical illness cover. This is subject to terms, conditions and limits specified in the policy.
- COVID-19 Cover
Most senior citizen health insurance plans include cover for COVID-19 related medical expenses. This is subject to terms, conditions and limits specified in the policy.
- Ambulance Cover
A majority of senior citizen health insurance plans cover ambulance charges. This is subject to terms, conditions and limits specified in the policy.
- Oxygen Cover
A lot of senior citizen health insurance plans cover Oxygen charges. This is subject to terms, conditions and limits specified in the policy.
- Ayush Treatment Cover
Some senior citizens’ health insurance policies cover Ayush treatment in a government recognised hospital or institute.
- Domiciliary Hospitalisation Cover
Sometimes, the doctor may suggest home treatment instead of hospitalisation. This is called domiciliary hospitalisation. Some senior citizens’ health insurance policies cover domiciliary hospitalisation expenses.
- Annual Health Checkup
Annual health checkups help screen for several conditions and ailments. Early detection can minimise expenses for treatment. Most senior citizen health insurance policies cover yearly health checkups.
- Pre-Existing Conditions Cover
Conditions that an insured person has before the policy purchase date are called pre-existing conditions. Some examples of pre-existing conditions can be hypertension, diabetes etc.
Some senior citizen health insurance plans cover pre-existing conditions subject to terms and conditions. At the same time, some of them do not. Also, coverage of specific pre-existing conditions may differ from policy to policy. One may cover a specific condition while another may not.
You will need to pay special attention to pre-existing conditions covered by the policies. Also, look carefully at the terms, conditions, limits etc.
- Pre-Medical Tests
Most senior citizen health insurance policies require the insured person to undergo pre-medical tests. These are performed so that the insurance company can assess the health of the insured person. The insurer can then make a risk assessment and, accordingly, offer you an appropriate premium.
Show your Gratitude Towards your Parents
It’s an excellent idea to give health insurance to your ageing parents. Can you think of a better gift for them? Show your gratitude by giving them the cover of health insurance.
Read Best Health insurance for your Parents